Sinotrans Shipping potential loss

Sinotrans Shipping of Hong Kong has warned of a potential loss after a charterer defaulted on a term deal.
Sinotrans Shipping said it had entered into a finance lease arrangement in 2011 for an unnamed tanker.
Sinotrans Shipping added that the charterer has since “suffered serious loss” and failed to meet its obligations under the terms of the deal “as a result of the prolonged downturn of the oil tanker market condition.”
Sinotrans Shipping is in the process of negotiating a resolution with the charterer and its shareholders. Sinotrans Shipping will publish a further update when any concrete news emerges from talks – or it has to recognise any losses.
The only tanker listed in Sinotrans Shipping's bulker and boxship-dominated fleet is the 310,000-dwt VLCC MT Yangtze Friendship (built 2008).